Mubadala aims to sell stake in local firms

Dubai, May 4, 2010

Abu Dhabi government-owned Mubadala Development Company plans to sell its ownership stake in local companies by offering shares to public, the National newspaper said, citing a top executive from the investment firm.

State-controlled Mubadala plans to list its stake in local companies on the Abu Dhabi Securities Exchange (ADX) to support its subsidiaries' expansion plans, Waleed al Muhairi, Mubadala's chief operating officer told the paper on Tuesday.

However, the listings were likely to take between five and eight years, the executive said, adding that Mubadala would still end up retaining 'some level of equity' in the companies that get listed.

Unlisted Mubadala, one of the few state-controlled investment firms to publish results, in March said it assets grew to Dh88.5 billion ($24.1 billion) in 2009 and posted a comprehensive income of Dh8.6 billion.

The firm owns stakes in regional firms like Abu Dhabi Aircraft Technologies, Dubai-based telecoms provider du and Aldar Properties. It also holds ownership stake in international names like General Electric and Advanced Micro Devices. – Reuters